•
Apr 03, 2021
Astronics Q1 2021 Earnings Report
Astronics reported a challenging start to the year, impacted by the pandemic, but saw sequential improvement in Aerospace bookings and strong demand in the Test business.
Key Takeaways
Astronics Corporation reported first quarter 2021 financial results with sales of $105.9 million and a net loss of $11.9 million. Aerospace bookings showed a 36% sequential increase, and the Test business experienced strong demand.
Sales for the quarter were $105.9 million, slightly better than guidance.
Net loss was $11.9 million.
Adjusted EBITDA loss was $0.5 million.
Bookings for the quarter continued sequential improvement to $120.0 million.
Astronics
Astronics
Astronics Revenue by Segment
Forward Guidance
Astronics expects revenue in the second quarter to be about $115 million and remains focused on generating cash and reducing debt.
Positive Outlook
- Continued strong demand for the Test business.
- Consistent sequential ramping of Aerospace bookings since the second quarter of last year.
- Optimism that demand will strengthen as 2021 progresses.
- Largest market will recover when the pandemic comes under control.
- Making strides in the U.S.
Challenges Ahead
- It is too early to forecast results confidently.
- Dependent upon the health of the commercial airline industry.
- Still facing challenges due to the pandemic.
- Progress is needed worldwide through the remainder of this year.
- COVID-19 pandemic continues to impact the aerospace industry.
Revenue & Expenses
Visualization of income flow from segment revenue to net income